Riyadh: ASFAR, the Saudi Tourism Investment Company and a Public Investment Fund (PIF) company, signed today an MoU with the Municipality of Al-Baha to develop tourism projects, according to a press release from ASFAR.

The memorandum was signed during Cityscape Global, the world's largest property development networking exhibition and conference, held under the auspices of the Ministry of Municipal, Rural Affairs and Housing.

According to the press release, ASFAR CEO Dr. Fahad Bin Mushayt said, regarding the agreement: “We aim to invest in promising Saudi cities such as Al-Baha to instill the mountain and agro tourism concept in the Kingdom as part of our mission to improve the tourism sector’s offerings to unprecedented levels. We also focus on providing a diverse package of modern experiences that blend adventure with entertainment, and on investing in boosting local strengths to create an attractive tourism ecosystem in Al-Baha for visitors.”

According to Mayor of Al-Baha Dr. Ali Al-Sawat, “Al-Baha has great potential, is rich in wonderful vistas, has a charming locale and many archaeological sites, some of which have been nominated to be listed among the UNESCO World Heritage Sites. We are pleased to partner with ASFAR to boost and enable the tourism sector in Al-Baha, improve its role in diversifying the national economy, enrich local content, and share its natural and cultural wealth with tourists.”

With a focus on the retail and hospitality sectors, the MoU is aligned with the goals of the Saudi Vision 2030 to diversify sources of economic income, attract local and foreign investments, and create more job opportunities for Saudi youth, the press release said.